Binance founder steps down & plea GUILTY to money-laundering !!!

xReminisce

xReminisce

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Changpeng Zhao, founder of Binance the world’s largest cryptocurrency exchange, agreed to plead guilty to money laundering violations on Tuesday, according to the court papers filed in federal court in Seattle.
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https://www.theguardian.com/business/2023/nov/21/binance-settlement-crypto-exchange
The filing said as part of a guilty plea Zhou agreed to pay a $50m fine, step down from his role as chief executive of the company, and would be barred from any involvement in the business.
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As part of its plea deal with the government, Binance too agreed to plead guilty, accept the appointment of a monitor and pay a criminal fine of nearly $1.81bn as well as a $2.51bn order of forfeiture to settle three criminal charges, including conducting an unlicensed money transmitting business, a conspiracy charge, and violating the International Emergency Economic Powers Act.
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Binance taking a huge big hit..
 
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wow - didn't see that one coming.

( And I doubt a $50 mil fine is too much for him considering what he probably has. )
 
Tanjiro B said:
am I at risk with my $500 in Binance? :weep:
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No
but I wouldn't leave it in there to begin with
with or without this news

thedorf said:
wow - didn't see that one coming.

( And I doubt a $50 mil fine is too much for him considering what he probably has. )
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It's the 3bil fine thats probably gonna hurt more than the 50mil
 
so now most of users will take out all his crypto from binance ... be safe
 
Tanjiro B said:
converting it to local currency or can I keep it somewhere safe? any idea?

TBH this news gave me some cold air to my heart
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your own wallet like Trust/MetaMask etc if you can't do cold wallet
You don't neccessary need to convert to local if you are investing
Just get it off exchangers
 
dankestmemes said:
might be, good entry point?
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The price has fallen the last 4 hours. It has gone from $260 to $242. Maybe the impact of the founder pleading guilty has already been happened. It's not like the Sam Bankman Fried case where the whole FTX exchange collapsed. Here it is just the top guy leaving the ship. i am going to short anyway but don't know if it can or will go down any further. Not financial advice.
 
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Sentencing date March 28, 2024. Do you think he'll get 100y+ like the maximum penalty? Probably 20y, then the ankle monitor + strict probation.
Martin Shkreli did 7 years. Saw him on a podcast recently telling Sam to prepare for it by learning some urban slang lmao.
 
Tanjiro B said:
It is a matter of time to get out of there

binance can fall and my asset is in binance
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There is something called Binance.us and Binance.com so please don't make confusions. If Binance.us falls, that doesn't mean Binance.com fall, they are not the same entities!
 
That is a huge hit, and most people is always using Binance to process transactions, but why he would say I'm guilty he got pushed oroffered a bad bussines and the way out was going to jail if it happens!
 
here we go again, another wild ride ahead in the crypto world
 
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